BRIDGEPORT TYRE: Receivers Seek Buyers for Firm's Assets--------------------------------------------------------dissolve.com.au reports that expressions of interest are sought byreceivers PricewaterhouseCoopers for the business and assets ofBridgeport Tyre Service Pty Ltd. The sale is under instructionfrom Derrick Vickers and Darryl Kirk as managers and receivers,the report says.

dissolve.com.au notes that the assets are composed of mobileservice vehicles and service centers under the Bridgeport TyreService and Tyreright brands. The vehicles are situated inMaryborough, Gympie, Lytton, Kunda Park, Yatala and Stafford.

Also, the assets include property, stock, equipment and plant. Thebuyer will get a freehold title for the Gympie and Lyttonlocations, dissolve.com.au adds.

FAST ACCESS: ASIC Files Legal Action Over Diamond Trading Scheme----------------------------------------------------------------Australian Securities and Investment Commission has taken legalaction against what it claims is an elaborate diamond tradingscheme designed to avoid the operation of the consumer creditlaws.

ASIC alleges the Fast Access Finance (FAF) companies engaged inunlicensed credit activities and has sought civil penalties ordersagainst the companies, as well as compensation for six consumers.

The FAF companies operated under a business model where consumersseeking small value loans (of amounts generally ranging fromAUD500 to AUD2,000) were required to sign documents whichpurported to be for the purchase and sale of diamonds in order toobtain a loan.

ASIC alleges in its claim that the purchase and sale of diamondswas a pretence as there were no diamonds involved in thetransaction and consumers had no intention of buying or sellingdiamonds. Rather, the diamond purchase and sale contracts weredesigned to camouflage what, in reality, were loan transactions towhich the National Consumer Credit Protection Act 2009 (NationalCredit Act) applied.

By operating in this manner after the July 2010 commencement ofthe national consumer credit laws, ASIC claims the FAF companieswere seeking to avoid the requirement to hold a licence for theirlending activities.

Deputy Chairman Peter Kell said, "When ASIC identifies businessmodels or schemes that are intended to avoid obligations imposedby the consumer credit legislation, we will take action."

"ASIC is committed to maintaining the integrity of the creditindustry and the licensing system by ensuring businesses conductthemselves within the confines of the laws, which are intended toprotect consumers. Payday and small amount lenders can expect ASICto take action where they engage in this type of avoidancebehaviour," Mr. Kell said.

The Fast Access Finance proceedings are listed for a directionshearing in the Federal Court in Brisbane on 20 September 2013.

NORTHERN SUBURBS: Ownership Returns to Members----------------------------------------------Daily Mercury reports that the ownership of the Northern SuburbsLeagues Club is once again back in the hands of its members.

Manager Wayne Percey said the club had traded its way back into aposition where it could pay back its debt after going intoreceivership in 2005, according to Daily Mercury.

"Redcliffe District Rugby League Football Club in Brisbane savedthe club from disappearing and we've been able to trade to get tothe position we're in now. . . . Redcliffe Leagues Club havealways had it for sale and we were able to go to the bank and askif they could lend us the money to buy it back," the report quotedManager Percey as saying.

The report notes that while Manager Percey couldn't comment on howmuch it had cost the club to "buy itself back", Mr Percey saidRedcliffe had offered members a cheaper price than otherinterested parties.

The report notes that Manager Percey said it had been a hard fewmonths for the club after a fire caused $1.3 million damage inNovember.

Manager Percey said a new housing development and growth in theNorthern Beaches had helped the club earn enough to reclaim itsownership, the report discloses.

"It's been tough but the board has been fantastic and reallysupportive. The mining decline has made it hard on everyone andthroughout the central Queensland region we're showing negativegrowth at the moment. . . . Everyone is waiting for the outcome ofthe election before they start spending again," the report quotedManager Percey as saying.

Northern Suburbs Leagues Club was formed in 1994 and has now grownto 3500 members.

The report recalls that financial struggles led the club intoreceivership in 2005.

The Redcliffe District Rugby League Football Club bought theNorthern Suburbs Leagues Club in March 2005, with RedcliffeLeagues Club assuming the management rights of the licensed venueas part of the acquisition, the report relays.

Manager Percey said it was a big win for members to be able to buyback ownership of the club, the report notes.

The report adds that Manager Percey said Redcliffe would hand overthe deeds to the club later.

* AUSTRALIA: Farmers to Spell Out Crisis to Liberal Backbenchers----------------------------------------------------------------Brad Thompson at The West Australian reports that the leaders ofthe Muntadgin Farming Alliance will meet about a dozen Liberalbackbenchers in Perth over the next two days to spell out thedeepening financial crisis in WA agriculture.

Alliance spokesman Jeff Hooper said Wheatbelt communities wereconcerned that the State Government and banks were notacknowledging the true extent of the problem, according to TheWest Australian.

"I personally know of 30 people under asset management, we havepeople paying 19 per cent interest, there are four big farmers inthe Yilgarn Shire already in receivership and peak debt isescalating all the time," the report quoted Mr. Hooper as saying.

The West Australian relates that it is understood at least onesecond-tier lender is preparing to exit the industry in WA and hasput eight farms in the South West into receivership.

The Department of Agriculture and Food WA is holding a crisismeeting of industry groups, WAFarmers, banks, financialcounsellors and health workers next week to discuss the Wheatbelt,the report says.

The West Australian discloses that DAFWA Director General RobDelane described it as a "triage session" to see what more couldbe done to ease the pain in some of the hardest-hit areas.

The report relates that Mr. Delane rejected claims by Yilgarnshire president Romolo Patroni that DAFWA had withdrawn resourcesand effectively given up on parts of the north-east and easternWheatbelt.

Mr. Delane, the report notes, said the department had increasedstaff at Merredin, based key cropping research projects in thetown and boosted weather station coverage to help farmers makedecisions on rainfall and frost.

Mr. Hooper said the alliance -- which organised one of the biggestfarm crisis meetings in WA's history in April -- continued tosupport legislation introduced in Federal Parliament by maverickindependent MP Bob Katter to amend the powers of the Reserve Bankto create a Commonwealth-backed reconstruction and developmentbank, Mr. Delane adds.

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SUNTECH POWER: CSL's Mike Nacson, GEM's Kurt Metzger Join Board---------------------------------------------------------------Suntech Power Holdings Co., Ltd., has appointed two new members tothe Company's Board of Directors, Mr. Michael Nacson and Mr. KurtMetzger. The two Board members were nominated by the holders ofthe Company's 3 percent Convertible Notes as a condition of theForbearance Agreement announced on June 28th. The additions bringthe total number of board members to nine.

Mr. Nacson has more than 25 years of senior management and board-level experience in the Asia-Pacific region and has workedextensively with businesses with distressed debt and undergoingcorporate restructuring. Mr. Nacson is currently a Principal atCSL, an Asia-based corporate transactions advisory company andoutsourced CFO provider. He has previously held positions as aManaging Director, CFO, CRO, CPO, executive and non-executivedirector of a number of Asia Pacific companies in the technology,chemical, real-estate, business consulting, manufacturing,finance, electronics, communications and transportationindustries. Educated in the UK, Mr. Nacson previously worked as aPartner in Arthur Andersen's Hong Kong Corporate RestructuringPractice.

Mr. Metzger has over 20 years of senior management experienceproviding financial services and counsel to financially distressedcompanies and growth stage companies. He is currently a principalat GEM Advisory, a management consulting company, and has heldpositions as a CRO and CFO in alternative asset management, bio-energy, petrochemical, textiles, IT and clean energy investmentcompanies. Previously, Mr. Metzger worked for Ferrier Hodgson, aleading financial advisor for corporate debt, restructuring andturnaround management. Prior to that, he spent 16 years withFleet Boston Financial Corp where he last served as the Deputy MD,Asia Fixed Income. Mr. Metzger holds a BA in Economics with aconcentration in Alternative Energy from Brown University.

Ms. Susan Wang, the chairperson of Suntech's board, said, "Wewould like to welcome our two new board members. Messrs. Nacsonand Metzger come with credentialed experience in restructuringand, in my view, will help benefit Suntech in the coming months."

About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)produces solar products for residential, commercial, industrial,and utility applications. With regional headquarters in China,Switzerland, and the United States, and gigawatt-scalemanufacturing worldwide, Suntech has delivered more than25,000,000 photovoltaic panels to over a thousand customers inmore than 80 countries.

As reported by the TCR on March 20, 2013, Suntech Power HoldingsCo., Ltd., has received from the trustee of its 3% ConvertibleNotes a notice of default and acceleration relating to Suntech'snon-payment of the principal amount of US$541 million that was dueto holders of the Notes on March 15, 2013. That event of defaulthas also triggered cross-defaults under Suntech's otheroutstanding debt, including its loans from International FinanceCorporation and Chinese domestic lenders.

Shandong, China-based Sunwin Stevia International, Inc., a Nevadacorporation, sells stevioside, a natural sweetener, as well asherbs used in traditional Chinese medicines and veterinaryproducts. Substantially all of the Company's operations arelocated in the People's Republic of China.

The rating reflects exposure to risk associated with BIPL'scurrent ongoing residential real estate project; andsusceptibility of its revenue profile to cyclicality in the realestate sector. The ratings also factors in support by BIPL toproject planned in its subsidiary company. These rating weaknessesare partially offset by established track record of BIPL'spromoters in the real estate industry in Ahmedabad.

Outlook: Stable

CRISIL believes that BIPL will benefit over the medium term fromthe established track record of its promoters in the real estateindustry. The outlook may be revised to 'Positive' if the companygenerates higher-than-expected cash flows from operationsresulting from accelerated execution of its project and improvedinflow of advances. Conversely, the outlook may be revised to'Negative' if BIPL reports significantly lower-than-expected cashflow from operations, either because of subdued response to itsproject or lower-than-envisaged flow of advances, impacting itsdebt servicing ability.

BIPL was setup in September 2007 by Mr. Jagdish Patel and his son,Mr. Ketan Patel. The company is engaged in residential real estatedevelopment in Ahmedabad. The company has two ongoing residentialprojects in Ahmedabad.

BIPL reported a profit after tax (PAT) of INR3.7 million onoperating income of INR128.5 million for 2011-12 (refers tofinancial year, April 1 to March 31), as against a PAT of INR0.3million on operating income of INR30.3 million for 2010-11.

EAST COAST: CRISIL Cuts Rating on INR220MM Loans to 'BB'--------------------------------------------------------CRISIL has downgraded its rating on the long-term bank facilitiesof East Coast Distributors Pvt Ltd to 'CRISIL BB/Stable' from'CRISIL BB+/Stable'.

The rating downgrade reflects the weakening of EDPL's businessrisk profile marked by lower-than-expected revenues and asignificant decline in its operating margins. The company'srevenues estimated at INR410 million for 2012-13 (refers to thefinancial year, April 1 to March 31) declined by 7 per cent year-on-year as EDPL's brand has not performed as per expectations.This along with inflationary pressures and a slowdown in theeconomy has resulted in a sharp deterioration in EDPL's operatingmargin to less than 1 per cent for 2012-13 from 7 per cent a yearearlier resulting in cash losses. While EDPL has taken severalmeasures to rein in costs and boost profitability, however, CRISILbelieves that EDPL's operating margins and net cash accrualgeneration will remain modest over the medium term, given the weakindustry environment.

CRISIL believes that EDPL will benefit over the medium term fromits promoters' extensive experience in the houseware industry andtheir funding support. The outlook may be revised to 'Positive' ifthe company's operating revenues and accruals improvesignificantly and sustainably. Conversely, the outlook may berevised to 'Negative' if the company does not turnaround itsoperations as anticipated, or if its financial risk profileweakens because of a stretch in its working capital cyclestretches, reduced financial assistance from promoters, or in caseof any unanticipated debt-funded capital expenditure (capex)programme.

Incorporated in 1999 by Mr. Shyam Sunder Agarwal and his brother,Mr. Suresh Kumar Agarwal, EDPL trades in housewares and tableware,such as gift articles, glass and crystal ware, and other crockeryproducts under its brand, Roxx. The company is a part of the RBAgarwala group, which has interests in paper, yarn, castings, realestate, and houseware industries. EDPL is managed by Mr. ShyamSunder Agarwal, his brother, Mr. Suresh Kumar Agarwal, and son,Mr. Abhinav Agarwal.

For 2012-13, EDPL reported, on a provisional basis, a net loss ofINR23 million on revenues of INR409.8 million; the companyreported a profit after tax (PAT) of INR2.7 million on revenues ofINR440.8 million for 2011-12.

The rating upgrade reflects CRISIL's belief that Euro's revenuesand cash accruals will register healthy growth over the mediumterm. The company achieved healthy offtake with revenues ofINR135.0 million in its first year of commercial operations.Euro's liquidity is also expected to improve on account of thecompany's healthy revenue growth leading to higher cash accruals.The proposed enhancement in Euro's bank limits is expected to funda substantial portion of its incremental working capital cycle.CRISIL also believes that Euro will continue to receive need-basedfunding support from its promoter. Euro is planning to undertake acapital expenditure (capex) programme towards expansion of itsmanufacturing capacity. The effect of the capex on the liquidityof the company will remain a key rating sensitivity factor goingforward.

The rating also reflects Euro's below-average financial riskprofile marked by a high gearing and weak debt protection metrics,and exposure to competition from large and established players.These rating weaknesses are partially offset by Euro's diversifiedproduct portfolio.

Outlook: Stable

CRISIL believes that Euro will continue to benefit over the mediumterm from its diversified product portfolio. The outlook may berevised to 'Positive' if the company achieves more-than-expectedsales growth and profitability, leading to improvement infinancial risk profile. Conversely, the outlook may be revised to'Negative' in case Euro registers deterioration in its liquiditybecause of larger-than-expected debt-funded capex, or lower-than-expected sales growth or profitability.

Euro, incorporated in 2008-09 (refers to financial year, April 1to March 31), is into manufacturing of potato chips, friedextruded snacks, namkeen, mineral water, and core filling snacks,plant is located at Surat, Gujarat. The company has launched itsproducts under its brand names Euro Spa for mineral water and Eurofor other products. It is managed by Mr. Dinesh Sanspara.

Euro has achieved a profit after tax (PAT) of INR6.0 million onnet sales of INR134.9 million for 2012-13, its first year ofcommercial operations.

The rating upgrade reflects timely servicing of its term debt (notrated by CRISIL) over the three quarters through June 2013, backedby improved accruals during 2012-13 (refers to financial year,April 1 to March 31) due to revenue growth and improvedprofitability. CRISIL expects GSAC to sustain its liquidity backedby sustained profitability and thus cash accruals over the mediumterm. The upgrade also reflects the improvement in financial riskprofile of GSAC with moderate gearing and above-average debtprotection metrics.

The ratings, however, continue to reflect the susceptibility ofGSAC's exposure to risks relating to intense competition in thecastings industry, customer concentration, and profitability tovolatility in raw material prices. These rating weaknesses arepartially offset by the extensive industry experience of GSAC'spromoters and its moderate financial risk profile.

Outlook: Stable

CRISIL believes that GSAC will continue to benefit over the mediumterm from the extensive industry experience of its promoters, andestablished relationships with its customers and suppliers. Theoutlook may be revised to 'Positive' if there is a substantialincrease in the company's scale of operations, while it sustainsits profitability, or if its capital structure improves, mostlikely due to equity infusion by promoters. Conversely, theoutlook may be revised to 'Negative', if GSAC's profitabilitydeclines, or its working capital cycle lengthens, leading topressure on its liquidity.

GSAC, established in 1987, by Mr. Prasada Rao, manufactures alloyand steel castings, which have application in heavy engineeringindustries. Its plant is located at Vijaywada, Andhra Pradesh.

For 2012-13, on a provisional basis, GSAC reported a profit aftertax (PAT) of INR21.9 million on net sales of INR906.49 million; ithad reported a net loss of INR19.0 million on net sales ofINR744.87 million for 2011-12.

The rating downgrade reflects instances of delay by KNIPPL inservicing its debt; the delays have been caused by the company'sweak liquidity on account of lower-than-expected bookings in itsreal estate project adversely affecting its cash flows and absenceof timely funding support from its promoters.

KNIPPL is exposed to demand risk associated with its project andto cyclicality inherent in the Indian real estate industry. Theserating weaknesses are partially offset by the extensive industryexperience of KIPPL's promoters.

The rating reflects LOPL's modest scale of operations and subduedfinancial risk profile marked by high gearing and modest debtprotection metrics. These rating weaknesses are partially offsetby the extensive experience of LOPL's promoters in the chemicalsindustry and established customer relationships.

Outlook: Stable

CRISIL believes that LOPL will maintain its stable business riskprofile over the medium term, backed by the extensive experienceof its promoters in the chemicals industry and their establishedcustomer relationships. The outlook may be revised to 'Positive'if LOPL's financial risk profile improves significantly driven byhigher-than-expected revenues and profitability, while improvingits capital structure and debt protection metrics. Conversely, theoutlook may be revised to 'Negative' if the company undertakessignificant debt-funded capital expenditure or if cash accrualsdecrease significantly resulting in deterioration in LOPL'sfinancial risk profile.

Incorporated in 2003, Leena Organics Pvt. Ltd. (LOPL) is engagedin the manufacturing of chemical products such as ethyl acetate,butyl acetate and toluene, which find applications inpharmaceutical, printing, paints, and adhesive industries. Thecompany has its manufacturing facilities at Ghaziabad with a totalinstalled capacity of around 10000 MT per annum. Its businessoperations are managed by Mr. Ashu Singhal.

LOPL reported a (provisional) profit after tax (PAT) of INR1.3million on net sales of INR199 million for 2012-13 (refers tofinancial year, April 1 to March 31), as against a PAT of INR0.6million on net sales of INR102.9 million for 2011-12.

The rating downgrade reflects CRISIL's belief that LOPL will facecontinued pressure on its liquidity because of its tightly matchedcash accruals against its term debt obligations and its stretchedworking capital cycle. In 2012-13 (refers to financial year, April1 to March 31), LOPL implemented a capital expenditure (capex)programme of INR106 million towards procurement of printingmachinery. The same was funded by term loan of around INR78million. The capex was larger than CRISIL's expectations of thecapex for the same period. CRISIL believes that LOPL's cashaccruals over the medium term would be tightly matched against itsmaturing debt obligations at an average of INR71 million perannum. In the past, the promoters have provided funding support toLOPL in the form of capital infusion thereby supporting thecompany's capital structure as well as its liquidity. CRISILbelieves that LOPL's promoters will continue to support thecompany's liquidity, with timely infusion of equity and extensionof unsecured loans. LOPL's bank lines have been extensivelyutilised, with average utilisation of 84.6 per cent over the 12months through May 2013.

The ratings also reflect the extensive experience of LOPL'spromoters in the printing industry, and the company's healthyoperating efficiencies. These rating strengths are partiallyoffset by LOPL's modest scale of operations in a highly fragmentedindustry, and highly leveraged capital structure.

Outlook: Stable

CRISIL believes that LOPL will continue to benefit over the mediumterm from its established track record in the printing industry.The outlook may be revised to 'Positive' if the company recordsconsiderable increase in its revenues, while it maintains itsprofitability, resulting in improvement in its financial riskprofile, particularly in its liquidity. Conversely, the outlookmay be revised to 'Negative' if LOPL records decline in itsaccruals, or undertakes a larger-than-expected, debt-funded capexprogramme, resulting in deterioration in its financial riskprofile.

LOPL was set up as a proprietary concern in 1962; it wasreconstituted as a partnership firm and as a private limitedcompany in 1999 and 2006 respectively. LOPL prints diaries,calendars, wedding cards, books, and stationery. It operatesthrough five showrooms in Tamil Nadu. Its day-to-day operationsare managed by Mr.K. Vijaykumar.

RS CONCAST: CRISIL Upgrades Ratings on INR89.5MM Loans to 'BB+'---------------------------------------------------------------CRISIL has upgraded its rating on the long-term bank facilities ofR.S. Concast Ltd to 'CRISIL BB+/Stable' from 'CRISIL BB-/Stable',while reaffirming its rating on the company's short-termfacilities at 'CRISIL A4+'.

The rating upgrade reflects improvement in RSC's financial riskprofile, particularly capital structure and liquidity. Unsecuredloans of around INR45 million from associate concerns have beenconverted into equity in the first quarter of 2013-14 (refers tofinancial year, April 1 to March 31), leading to improvement inRSC's gearing to less than 1.4 times as on date from around 2.5times earlier. Moreover, another associate entity has committed tomaintaining the INR60 million unsecured loans extended by it toRSC for at least three more years. CRISIL believes that RSC will,therefore, maintain its stronger financial risk profile over themedium term, especially in the absence of major capitalexpenditure (capex) plans for the period.

The ratings continue to factor in the RSC promoters' extensiveexperience in the steel industry, and RSC's moderate financialrisk profile marked by comfortable interest coverage and gearing,improving net worth, and continued support from associateconcerns. These rating strengths are partially offset by RSC'smarginal market share, and susceptibility to intense competitionin the steel industry.

Outlook: Stable

CRISIL believes that RSC will continue to benefit from itspromoters' extensive experience in the steel industry and thestable revenues generated from warehouse rentals over the mediumterm. The outlook may be revised to 'Positive' if higher-than-expected accruals, or significant infusions of equity drive asharp improvement in the company's financial risk profile.Conversely, the outlook may be revised to 'Negative' if withdrawalof funds by associate concerns, under-utilisation of warehousingcapacities, or any significant debt-funded capex weakens RSC'sfinancial risk profile.

RSC, set up in 2004, began commercial operations in 2006-07, bymanufacturing ingots. The company shifted to manufacturing billetsin 2011-12. It sells around 80 per cent of the billets it producesto group company R.S Ispat Ltd (rated 'CRISIL BBB-/Stable/CRISILA3').

The rating downgrade reflects instances of delay by REPL inrepayment of its term loan installments. REPL has a monthly debtobligation of around INR3.6 million. The company has not met itsterm debt obligations that were due in the period from April 2013to June 2013.

REPL is also exposed to project execution risks. Moreover, itsfinancial flexibility is constrained by its sizeable debt againstits small net worth. However, REPL is expected to benefit from thehealthy demand prospects of the education sector in India.

REPL was set up in 2011 by Mr. Lokvesh Magu. The company iscurrently undertaking a project to establish a school named ManavRachna International School in Noida (Uttar Pradesh) under thefranchise with Manav Rachna Group. The school will offer pre-primary, primary, and secondary education up to the highersecondary level; it has enrolled 78 students for the 2013-14academic year.

The rating reflects the firm's below-average financial riskprofile, marked by modest net worth and high gearing, and itsaverage scale of operations with low profitability. These ratingweaknesses are partially offset by SM's established relationshipwith Ashok Leyland Ltd and its low exposure to debtor andinventory risks.

Outlook: Stable

CRISIL believes that SM will continue to benefit over the mediumterm from its established relationship with ALL. The outlook maybe revised to 'Positive' in case of substantial improvement inSM's financial risk profile driven by higher-than-expected cashaccruals or capital infusion along with efficient working capitalmanagement. Conversely, the outlook may be revised to 'Negative'in case of further pressure on the firm's financial risk profile,particularly its liquidity, owing to lower-than-expected cashaccruals or larger-than-expected working capital requirements orlarge debt-funded capital expenditure.

Set up in 1983, SM is an authorised and exclusive dealer for theheavy and medium heavy commercial vehicles (HCV and MHCV) of ALLsince March 2011 for three districts in Maharashtra. The firm isowned and managed by Mr. Manmat Kore and his wife Mrs.Shivnandabai Kore.

VEDIC RESORTS: CRISIL Ups Ratings on INR40.9MM Loans from 'D'-------------------------------------------------------------CRISIL has upgraded its ratings on the bank facilities of VedicResorts & Hotels Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from'CRISIL D/CRISIL D'. CRISIL has also placed its ratings on theoutstanding bank facilities of VRHPL on 'Notice of Withdrawal' for60 days at the company's request. The ratings will be withdrawn atthe end of the notice period, in line with CRISIL's policy onwithdrawal of ratings on bank loans. CRISIL has withdrawn theratings on VRHPL's term loans of INR143.6 million, and theproposed bank facilities of INR0.5 million at the company'srequest, as there is no amount outstanding for these facilities.

The upgrade reflects improvement in VRHPL's liquidity. Thecompany's liquidity and cash accruals improved with an increase inits scale of operations, driven by an increase in footfalls andoccupancy at its Vedic Village Spa Resort. Therefore, the companyhad repaid its term loans funded by the State Bank of India andthe State Bank of Mysore, on which it was delaying previously.VRHPL's revenue diversity remains restricted by its dependence onbusiness generated by the resort; the company is also susceptibleto cyclicality in the hospitality industry. However, VRHPLbenefits from its favorable location near the KolkataInternational Airport.

Outlook: Stable

CRISIL believes that VRHPL will benefit over the medium term fromits favorable location and moderate occupancy levels over themedium term. The outlook may be revised to 'Positive' if thecompany significantly improves its scale of operations andprofitability, backed by a sustained increase in occupancy androom tariffs, and maintains its capital structure. Conversely, theoutlook may be revised to 'Negative' if the company records lower-than-expected cash accruals driven by low occupancy or roomtariffs, or undertakes a larger-than-expected debt-funded capitalexpenditure (capex) programme, thereby weakening its financialrisk profile.

VRHPL was incorporated in 1998 in Kolkata (West Bengal), as CircleClubs & Resorts Pvt Ltd. The company was renamed in 2007. It ispromoted by Mr. Raj Kishore Modi and his family. VRHPL operatesthe Vedic Village Spa Resort in Rajarhat (Kolkata).

ZENITH INFOTECH: Bombay High Court Admits Winding-up Petition-------------------------------------------------------------The Economic Times reports that the Bombay High Court has admittedthe winding-up petition filed by foreign lenders against ZenithInfotech and has also appointed advocate Shalil Shah as theprovisional liquidator.

ET relates that on July 30 Justice SJ Kathawala, while pronouncingthe operative part of the order, observed that prima facie thecompany is unable to pay its debt. However, the court has alsodirected lenders to publish the advertisement about the winding-uppetition after two weeks.

According to the report, Zenith Infotech had defaulted on twoforeign currency convertible bond (FCCB) dues in 2011 and 2012,aggregating $83 million. ET notes that during the course of thedebate, Janak Dwarkadas, senior counsel representing the trusteesof the foreign bondholders, argued that Zenith Infotech has filedfor BIFR because of the wrongdoings of its promoters and thiscan't be the reason to take shelter after siphoning off money fromthe company.

"We have not read the order yet. However, we have decided tochallenge the order within two weeks," the report quotesRaj Saraf, Chairman of Zenith Infotech, as saying.

Zenith Computers, another listed entity of the same promotergroup, is also facing winding-up petition for defaulting on FCCBdues from SBI, according to ET. The Securities Appellate Tribunal(SAT) gave relief to Zenith Infotech by dismissing Sebi's ex-partyorder to furnish a bank guarantee of$33.93 million and restraining the company's promoters fromdealing in the stock market, the report relays.

Zenith Infotech Limited -- http://www.zenithinfotech.com/-- is an India-based company. The Company is serving information technology(IT) providers worldwide. Its product and services includecomputer software and computer network and integration. TheCompany's subsidiaries include Zenith Infotech (Singapore) PteLtd., Zenith Infotech Services Sdn.Bhd. and Zenith Infotech FZE.During September 2011, the Company sold its MS Division to ZenithRMM LLC.

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GOLDEN AGRI: Weak Market Prices Could Adversely Impact Ratings--------------------------------------------------------------Moody's Investors Service says that Golden Agri Resources Ltd's(GAR) results for the first six months of 2013 have been adverselyimpacted by weaker palm oil prices, but remain within theparameters of its Ba2, stable rating. The results show revenue upby 8.8% in H1 2013 compared with H1 2012, while the year on yearimprovement in Q2 2013 was even greater at 25.4%. Nevertheless,reported EBITDA was 22.5% lower in H1 2013 and fell away by 30.1%in Q2 2013, year on year.

"Of the major oil palm companies, we would expect GAR to be one ofthe hardest hit by the weaker palm oil prices seen in early 2013compared to a year earlier, given its vast plantation arearelative to the current capacity of its downstream activities,"says Alan Greene, a Moody's Vice President -- Senior CreditOfficer.

"Nevertheless, while the company points to the average CPO pricesbeing 25% weaker in H1 2013 compared with H1 2012, the averageprice for the June quarter was only 0.4% lower than the averagefor the March quarter. The main problem has been rising costs inthe plantations, at a time when GAR has significantly expanded itslow margin downstream capacity" adds Greene, who is also LeadAnalyst for GAR.

The company also noted that some tree stress has been apparentfollowing last year's large harvest. Overall, the fresh fruitbunch (FFB) production for the half year to June is only 2% lowerthan in H1 2012. However, the yield of FFB per hectare in Q2 2013was down by 13% compared to the yield in Q2 2012, offsetting the3.1% year on year increase in mature plantation area.

The reported EBITDA margin in the June quarter of 8.3% issubstantially lower than the 14.7% achieved in the March quarter.The revenue of the Indonesian businesses grew by 23.9% in Q2 2013over Q1 2013 as downstream activity picked up, while gross marginshrank from 30.3% in Q1 2013 to 20.4% in Q2 2013 - a function ofrising labor costs and the cost of raw materials to feed therefineries. However, over the first six months of 2013,inventories fell by $219 million compared to a rise of $140million in H1 2012, resulting in a higher reported cash flow fromoperations of $261 million in H1 2013 compared with $111 millionin H1 2012.

This relatively weak set of quarterly results brings GAR closer tothe triggers that might indicate a downgrade but there is nopressure on the rating. CPO prices have stabilized, at around$700/ton locally or $850/ton delivered Europe, in recent weeks andthe performance of GAR's Chinese edible oil and snack foodoperation, where competition and price controls have limitedprofits, has improved slightly, albeit a small part of the overallGAR business.

GAR continues to invest heavily in downstream activities such aslogistics and refining as well as increasing its plantationholdings and the $400 million of convertible bond raised lastOctober has now been spent.

After planting 5,600 hectares in H1 2013, GAR's planted area hasincreased by a net 1,154 ha since December 2012 and stands at464,580 ha. GAR is expected to complete the acquisition of 16,000ha of plantation in H2 2013. However, the largest increase inplantation area is likely to be in Liberia where GAR is investedthrough The Verdant Fund LP. This vehicle holds a license todevelop up to 220,000 ha, the process taking some twenty years tocomplete.

"Moody's expects GAR to bounce back in H2 2013, when palm oilproduction is seasonally stronger, but CPO prices may struggle torecover if palm oil output is high, and soy and other oilseedcrops also have good harvests, unless there is a large improvementin demand from China and India, the main consumers of palm oil",adds Greene.

"However, Moody's will monitor developments and watch forexcessive leverage as the investment in the value chain occurs,noting that gross debt at June 2013 of $2,054 million is alreadysome $648 million or 46% greater than a year earlier, even as netprofits for H1 2013 were some 41% lower than in H1 2012",continues Greene.

Golden Agri, registered in Mauritius, is the largest listed oilpalm plantation company in Indonesia. Listed on the SingaporeStock Exchange in 1999, it mainly operates in Indonesia and Chinaand is 49.95% owned by the Widjaja family.

=========J A P A N=========

* JAPAN: IMF Warns of Risk Unless Country Reins in Its Debt-----------------------------------------------------------Takashi Nakamichi and Eleanor Warnock at The Wall Street Journalreport that the International Monetary Fund on August 5 made afresh call on Japan's government to bring its flow of red inkunder control, saying the central bank's monetary easing couldbackfire if investors believe it is "monetizing" the growingmountain of government debt, a step that often leads to financialturmoil.

The Journal relates that the IMF has recently hardened itsrhetoric toward Japan, suggesting the rest of the world is worriedthat Prime Minister Shinzo Abe's cabinet appears divided overwhether to stick to a plan to raise its sales tax from next April.Raising government revenue is generally considered vital toreining in public debt, a danger spot for the Japanese and globaleconomies, the report says.

"It has been -- and remains -- the IMF's view that it is criticalto move ahead with the consumption tax increase as planned," JerrySchiff, deputy director of the IMF's Asia and Pacific department,told The Wall Street Journal in an interview.

Delaying the tax increase could affect the credibility of Japan'sfiscal overhaul and trigger rises in Japanese government bondyields that could hurt growth, Mr. Schiff told the Journal. Aswell, "although failure to address the fiscal problems could causea spike in rates even without the BOJ being seen as monetizing thedebt, this is a specific risk in the current context," the Journalquotes Mr. Schiff as saying.

The Journal notes that monetization refers to the central bank'sbuying government debt to finance public spending, often a recipefor major financial confusion. The Journal says Mr. Schiff'sreference to monetization may reflect growing concerns within theIMF over Japan's possible retreat from budgetary overhaul.According to the Journal, the IMF has long called for Japanesefiscal reform, and did so in May in its concluding statement afterannual policy discussions with Japanese officials. But thatstatement didn't mention any risks stemming from concerns ofmonetization, the report notes.

According to NewstalkZB, the Serious Fraud Office said this typeof offending undermines investor confidence and discourages savingand participation in the economy.

Mr. Chalmers will be sentenced in November, the report notes.

Chalmers Cameron Investments Limited was placed into voluntaryliquidation in May last year, owing investors about US$5 million.

CYNOTECH HOLDINGS: High Court Enters Liquidation Order------------------------------------------------------Fiona Rotherham at Stuff.co.nz reports that Cynotech Holdings, theNZAX-listed company that 1980s high-flier Allan Hawkins tookcontrol over three years ago, was on August 7 placed inliquidation by order of the High Court in Auckland.

According to the report, interim liquidators Tony Maginness andPeri Finnigan, of McDonald Vague, were appointed by the court latelast month after an application by Hawkins, who is the companychairman. The pair were confirmed August 7 as full liquidators.

Stuff.co.nz notes that interim liquidation allowed them topreserve the assets of the consumer finance and debt-collectioncompany, and full liquidation will mean those assets can be sold.

They comprise mainly the distressed loan books originally acquiredwhen National Finance and Western Bay Finance went intoreceivership, the report relays.

The liquidators' first report will be issued within the next twoweeks, Stuff.co.nz notes.

According to Stuff.co.nz, Cynotech shares were halted on July 10when the company applied for liquidation, saying it had lost thefinancial support of its 77.5 per cent shareholder, Budget LoansGroup (formerly Cynotech Securities), which is owned by Hawkinsfamily interests.

Hawkins is best known for his role as the boss of Equiticorp,which collapsed after the 1987 sharemarket crash, the report says.

In January, Stuff.co.nz recalls, another company under the Hawkinsfamily umbrella, Seating Systems Ltd, went into receivership andliquidation.

SOUTH CANTERBURY: Trial to Be Held in Timaru; Heard by One Judge---------------------------------------------------------------- Emma Bailey at Stuff.co.nz reports that New Zealand's biggestalleged fraud trial will be held at the High Court at Timaru andheard by a judge alone.

Stuff.co.nz relates that the decision was released on August 7 byJustice Paul Heath following the second day of pre-trialapplications for the South Canterbury Finance (SCF) trial, whicharose out of the NZ$1.58 billion collapse of the finance companyin 2010.

The 12- to 16-week trial has been set down to start on March 12next year, the report says.

Stuff.co.nz notes that a single charge of false accounting againstSCF's former chief financial officer, Graeme Robert Brown, wasdropped on August 6. Following that, three defendants -- EdwardSullivan, Robert White and Lachie McLeod -- were arraigned andpleaded not guilty to a total of 18 charges which were brought bythe Serious Fraud Office (SFO) in December 2011.

Accountant Terrence Hutton was not arraigned and did not enter aplea, with his charge to be subject to further discussion,according to Stuff.co.nz.

Mr. Sullivan is a retired Timaru lawyer and former SCF director,Mr. White is a retired Timaru accountant and former SCF boardmember and director and Mr. McLeod is the former SCF chiefexecutive, the report discloses.

Stuff.co.nz says the application to have the trial heard by ajudge alone, rather than a jury, was opposed by Messrs. White andSullivan.

The Crown's application for a change of venue from Timaru toChristchurch was dismissed, the report says. Justice Heathindicated he would give his reasons for the decisions in writinglater, the report adds.

He also allowed a hearsay statement "from a witness who is nolonger available" to be admitted at trial, the report adds.

According to the report, Justice Heath raised concerns about thecomplexity of the trial and the likelihood of the average jurorunderstanding the issues.

There were 880 documents and exhibits in the trial, the reportnotes.

About South Canterbury

Based in New Zealand, South Canterbury Finance Limited(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the provision of financial services. The Company's principalactivities were borrowing funds from public and institutionalinvestors and on lending those funds to the business, plant andequipment, property, rural and consumer sectors. It typicallyadvanced funds by means of hire purchase, floor plans, leasing ofplant, vehicles and equipment, personal loans, business termloans and revolving credit facilities, mortgages againstproperty, and other financial instruments, including consumerloan insurance.

"As Trustee, we have had South Canterbury Finance underheightened surveillance since 2008. As part of that, SCF wasgranted a Trustee waiver in February 2010 to allow it time torecapitalize. Unfortunately, the Company's Directors haveadvised us that they have not been successful with respect to arecapitalization and requested us to appoint a receiver. At thispoint we, as Trustee, agree that it is the best interests ofdebenture, deposit and bond holders to do that," said YogeshMody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000depositors and stockholders NZ$1.6 billion under the Crownretail deposit guarantee scheme.

SOUTH CANTERBURY FINANCE: Trio Plead Not Guilty in Fraud Case-------------------------------------------------------------Radio New Zealand reports that three men who worked for SouthCanterbury Finance have pleaded not guilty to 18 fraud chargesrelating to the company's collapse.

The firm was placed in receivership in 2010, owing $1.6 billion,according to Radio New Zealand.

The report relates that the three men, a chief executive and twodirectors, were remanded on bail at the High Court in Timaru on.

Charges against former chief financial officer Graeme Brown havebeen dropped and he has been released, Radio New Zealand notes.

The report notes that Mr Brown's lawyer said his client has alwaysdenied he was involved in false accounting, and the charges werewithdrawn following frank discussions with Crown lawyers.

A fifth man who worked as an accountant for the company will enterhis plea at a later date, the report discloses.

The report says that the full three-month trial begins in Marchnext year and it is still to be decided whether it will be infront of a jury or just a judge.

====================S O U T H K O R E A====================

STX PAN: Vessel Held Under Court Order Released-----------------------------------------------Radio New Zealand reports that the New Giant, a bulk carrier heldunder arrest by a court order for nearly eight weeks at Gisborne,has been released and left for Australia.

STX Pan Ocean, the ship's South Korean owners, went intoreceivership in mid-June and creditors obtained a High Court writto seize the ship, according to Radio New Zealand.

The report notes that several other ships the company owns werearrested in the same way at other ports around the world.

The New Giant was held at anchor in Poverty Bay.

A High Court official said negotiations between the owners andcreditors successfully resolved their dispute and the arrest orderwas lifted, the report notes,

The report relates that the New Giant and its crew of 20 are nowsailing to Queensland to load a cargo of sugar.

===============X X X X X X X X===============

* Moody's Notes Decline in Asian Liquidity Stress Index for July----------------------------------------------------------------Moody's Investors Service says that its Asian Liquidity StressIndex (Asian LSI) declined for a third consecutive month to 20.2%in July from 23.9% in June.

The index, which decreases when speculative-grade liquidityappears to increase, is at its lowest level since July 2012, whenit was 16.8% but remains historically high.

"The LSI has decreased gradually from its recent high of 29.1% inOctober 2012. The July decline resulted from a net decrease in thenumber of companies with our lowest (weakest) speculative-gradeliquidity score (SGL-4)," says Laura Acres, a Moody's Senior VicePresident.

"The total number of rated high-yield companies also increased byone to 114, which further contributed to the overall improvementsin this month's Asian LSI."

Acres was speaking on the release of Moody's latest "AsianLiquidity Stress Index" report.

The liquidity sub-index for Chinese speculative-grade companiesfell to 25.4% from 28.8% in June as the number of Chinesecompanies with an SGL-4 score decreased by two.

The number of rated Chinese high-yield corporates was unchanged at59. China's high-yield property index also decreased, to 26.5%from 29.4% in June, as one company left the roster of those withan SGL-4 score.

The Indonesian sub-index, which was 8.0% in May and June, plungedto 3.8% in July. The decrease reflected the departure of onecompany from the list of those with an SGL-4 score.

Meanwhile, the Australian reading was unchanged from June at 6.7%.

High-yield rated bond issuance slowed further following the strongstart early this year. However, issuance so far this year ($17billion) is still higher than the annual totals for each of theprevious three years.

Looking ahead, the high-yield default rate for Asia Pacific (ex-Japan) corporates will stay at a low 2% in 2013, according toMoody's Credit Transition Model. The rate trended downward duringthe first half of the year and will rise mildly in the secondhalf. The 2% translates into one or two potential defaults.

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Tuesday's edition of the TCR-AP delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-AP editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The TuesdayBond Pricing table is compiled on the Friday prior topublication. Prices reported are not intended to reflect actualtrades. Prices for actual trades are probably different. Ourobjective is to share information, not make markets in publiclytraded securities. Nothing in the TCR-AP constitutes an offeror solicitation to buy or sell any security of any kind. It islikely that some entity affiliated with a TCR-AP editor holdssome position in the issuers' public debt and equity securitiesabout which we report.

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Friday's edition of the TCR-AP features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historicalcost net of depreciation may understate the true value of afirm's assets. A company may establish reserves on its balancesheet for liabilities that may never materialize. The prices atwhich equity securities trade in public market are determined bymore than a balance sheet solvency test.

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